I'm not sure that listing BMF would actually solve much - the problem at root is the lack of liquidity in most assets. Establishing a market price for BMF wouldn't do anything about that.
As BMF is closing its value is the total value of its assets - nothing more or less. Paying out based on a market price for BMF would actually made the situation worse - as if the market happened to value BMF above the value of its assets and you started distributing assets you'd run out of assets with BMF shares left that had received nothing.
They key issue is to establish the value of the assets BMF holds. Problem is you can't do that on market due to illiquidity (plus some assets aren't even tradable). Then once you've established value of the assets you can in theory give out assets instead of cash - but you then run into the problem that some investors may believe you've over-valued the assets you try to give them.
I believe there is a solution - which satisfies the main criteria:
1. Transparent.
2. No investor gets assets at above the price they value it at.
Weakness of it is that assets may not realise their true value - but that's unavoidable when closing down: there's no way to get full value for all assets AND do it quickly AND make sure no investor gets something they believe is overvalued and worth less than it's been given in lieu of.
Here's my proposal - maybe some tinkering around with it would improve it.
Sell ALL assets by public auction. Make an estimate of their ball-park value and split them into blocks worth around 1 BTC (only the order of magnitude matters) - much less and it's too much hassle, much more and you lose potential bidders. People bid on blocks - so if you have 100 shares of BingoMining and you think they're worth around .1 BTC each then you'd sell them as 10 blocks of 10 shares.
Set a fairly long date for the auctions - like a week - with a decent anti-sniper clause (like 6 hours extension from last bid) and bids to be in increments of 0.1 BTC/block. Top bidders win the blocks - obviously investors can bid and then will be effectively buying the shares with the proceeds from their final dividends. One caveat on it - at end of auction if any of the assets can be sold on market for more than bids that would otherwise win then you sell them on market.
You can even sell off totally illiquid stuff like OBSI shares and Matthew debt - just instead of doing the transfer on an exchange you'd exchange GPG-signed messages assigning them all rights.
You should get more buyers in an auction than on a site - people don't have to sign up to bid and also don't have to tie up cash in bids waiting for a seller (one of the reasons why liquidity is so poor).
I really believe setting market-value for BMF is a red-herring - it seems like a good idea until you get down to the detail. In principle you can't go giving investors shares unless they agree with your valuation of them. If you agree on valuation then you don't need to know a value for BMF - just sell them the shares at the agreed price and they'll get their cash back in the final dividends (but I recommend AGAINST this as it's not transparent).
Public auction of assets is a commonly-used method in liquidation in RL - provided all investors know about it and are allowed to bid they have no real cause to complain things were sold under-priced. If you trust specific investors not to default then you could, in theory, agree that their payment for assets they bid on can be deferred until after you've made partial settlement by dividend - so they can pay out of the first tranche of proceeds from BMF liquidation rather than having to find extra cash short-term. That last point would achieve a similar end to giving assets in return for BMF shares - but with more transparency, explicit agreement on value and competition to ensure best price practical was achieved.
That sounds like a good idea actually. Where should I put the auction? It seems like it might be possible to put it in it's own thread here in the Securities forum. I'd be interested in starting this process asap.
Options for where to put it would be:
1. Here - where the people most likely to bid are.
2. Auctions forum - where people can't edit or delete bids after making them.
Would suggest putting it in the auctions section but with a thread here - as the contents are clearly relevant to this section of the forum.
You MAY want to require a 10% refundable (if overbid) deposit from unknowns placing bids.
Would suggest putting everything in one thread - and having clear rules on how to bid.
So your listing would have the various assets for sale - e.g. :
LOT 1 (BINGOM) : 100 shares of BingoMining split into 10 bundles of 10 shares (listed on exchange A).
LOT 2 (SCAMMERX) : 50 BTC debt owed by scammer X - whole debt is 1 bundle.
LOT 3 (LOTTOM) : 50 shares of LottoMining split into 2 bundles of 25 shares (not listed on any exchange).
Then my bids may be:
LOT 1 (BINGOM) : 2 bundles at 1.1 BTC, 3 bundles at 0.8 BTC, 5 bundles at 0.1 BTC
LOT 3 (LOTTOM) : 1 bundle at 0.6 BTC
By having a tag by each lot number and requiring the lot number AND tag to be listed it prevents any claims of misunderstanding what was being bid on later.
Other general guidelines:
1. Have sniper period - so if you were ending auction at midday next Sunday, definition ofend date would be : "Bidding on each Lot will finish at the later of 12:00PM (midday) 13th January 2013 and 6 hours after the last valid bid on the Lot." Having an anti-sniper period deters last-minute bidding (impossible to snipe).
2. Make explicit that if the bids for any lots are lower than market Bids at end of auction then you will sell into market. Absolutely NO private offers though - as that encourages people to try to buy in private, removing transparency and also removing competition resulting in lower results.
3. So long as each bundle has a value around 1 BTC or higher, you can just set a minimum bid of 0.1 BTC and incrememnts of 0.1 BTC. You may lose out on fractions somewhere that someone would have paid 0.21 to out bid 0.2 - but it'll be more than made up for by the occasions they actually outbid (and win) with 0.3 rather than 0.21. Plus it means less bids.
4. Encourage people to put ALL their bids in a single post - then quote it with increases when they add more bids (avoids issues like if someone in one post bids 0.3 on 2 blocks of LOT 1, thgen bids 0.4 on 3 blocks of LOT 1 in a second post - have they bid on 3 blocks or 5?)".
5. Absolutely no removal of bids to be allowed. If someone bids 0.3 for 2 blocks of LOT 1 they can't then bit 0.5 for 1 block and drop the bid on the 2nd block.
6. Allow a short time-scale for correction of obvious typos - so if someone accidentally bids 12 BTC instead of 1.2 they get say 10 minutes to fix it in (quoting original, stating it was typo and correcting it). Any attempts to correct after that would be a bid cancellation against the auction rules and result in all of their bids on everything being ignored.
Remember if you do it in the auction section YOU can't edit the OP after posting (nothing can be edited there) - so get it right first (e.g. post draft in here, wait for coments and correct it before posting it there).
Even if I can't list on BTCT.CO anyways.